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In my experience evaluating Firstrade, I’ve found there are only two core live account types: the standard investment account and the retirement-focused IRA. The investment account is best suited for individuals or joint investors seeking access to U.S. stocks, ETFs, options, and mutual funds, with the flexibility to trade as they see fit. On the other hand, the retirement account—offered as Traditional, Roth, or Rollover IRA—caters to those specifically interested in long-term, tax-advantaged retirement savings. For me, one of the most significant distinctions is their underlying purpose. The investment account is general and flexible for any style or timeframe, while the IRA is tightly regulated for retirement savings goals, with associated tax benefits and withdrawal restrictions. Neither option supports forex, commodities, or crypto trading, and crucially, Firstrade does not provide demo or Islamic accounts. This can be a limitation if you’re testing strategies or require swap-free trading. I do appreciate that both have no minimum deposit and no maintenance or inactivity fees, which lowers the barrier for entry. That said, since Firstrade is unregulated by any major U.S. agency, I always recommend using particular caution and not keeping excessive capital with the platform, regardless of account type. For me, clarity about the account’s intent, tools, and regulatory landscape is key before making any commitment.